Belk

Real Estate

During fiscal 2015, the company opened 4 new stores, closed 6 stores, remodeled 2 stores and expanded 3 stores. In fiscal 2016, the company plans to open 2 replacement stores, remodel 2 stores and expand 3 stores.

At year-end, the company owned 75 stores, leased 161 stores and owned the building on leased land at 77 locations. The typical operating lease has an initial term of between 15 and 20 years, with four renewal periods of 5 years each. The typical ground lease has an initial term of 20 years, with a minimum of four renewal periods of 5 years each.

The majority of stores range in size from 60,000 to 100,000 square feet, with 93 stores exceeding 100,000 square feet in size. The average store contains 76,100 square feet of selling space, which comprises approximately 80% of overall gross store space.